Charles, Darius, Ali and Jacob, thank you so much for the advice! I got a lot more clarity on the kinds of deals I should be looking for. I may consider putting in a very low offer on this property. I just don't really like the area, since it's a C-class neighborhood. But I will definitely start putting in low-ball offers in A and B-class areas. I think my insurance cost is so much higher because LLC will be the insured party. I know it would be a lot cheaper to do business in my own name, but after speaking with multiple real estate attorneys I am convinced that using an LLC is the best course of action for me. The property is located in a warm-weather climate, so I feel comfortable using 10-15% for capex and repairs. I will try to pass the utilities on to the tenants, but it's common for the landlord to pay the water bill, so I included that in my analysis.
